Saudi Aramco plans major increase in oil drilling, investment
Tuesday, April 29, 2008 Free Headline Alerts
NICOSIA — Saudi Arabia plans to increase oil exploration over the next four years.
The Middle East Economic Digest reported that Saudi Aramco has drafted a plan to increase drilling by 33 percent from 2009 through 2013. The industry newsletter said Aramco would drill 248 wells, a major increase from the initial 187.
MEED reported that the Saudi plan, expected to be approved by the company and the Oil Ministry over the next two weeks, also stipulated a 40 percent increase in oil exploration investment. This would mean that Aramco would invest $13.7 billion, up from the original target of $10.7 billion.
Saudi Arabia, under U.S. pressure to bolster oil production, intends to increase oil output capability to 12.5 million barrels a day by 2010. So far, Riyad has been pumping 8.5 million barrels of oil per day, short of its maximum capacity.
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